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India pitches for better BRICS coordination on IMF quota
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Last Updated: Apr 07, 2021, 06:55 AM IST
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Synopsis
Finance minister Nirmala Sitharaman, while chairing the BRICS Finance Ministers and Central Bank Governors Meeting on Tuesday, emphasised on the need for the five-nation grouping to respond to the COVID-19 crisis through policy support and enhanced international coordination.
As per an IMF resolution, the 16th General Review of Quotas should be concluded by December 15, 2023.
India has pitched for greater coordination among BRICS nations on review of International Monetary Fund (IMF) quotas to give more say to developing countries.
As per an IMF resolution, the 16th General Review of Quotas should be concluded by December 15, 2023.
Date Time
2nd Finance Ministers and Central Bank Governors Meeting
G20 Finance Ministers and Central Bank Governors (FMCBG) are gathering virtually today, on Wednesday 7 April 2021, for the second G20 Finance Track Ministerial meeting under the Italian G20 Presidency.
In today’s meeting, G20 Ministers and Governors will continue their work, building up on a renewed multilateralism, leading the way on the most pressing issues on the global agenda. They are expected to steer the international community by providing guidance on the shape of the policy response, especially on health-related initiatives, the support to the most vulnerable economies, the advancement on the international taxation agenda, the transition towards more sustainable economies and financial regulation.
COVID-19 will leave lasting scars on developing countries - World Bank dailypost.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailypost.ng Daily Mail and Mail on Sunday newspapers.
India on Tuesday pitched for greater coordination among BRICS nations on the issue of the 16th general review of quotas of the International Monetary Fund (IMF) to give more say to developing countries. As per an IMF resolution, the 16th General Review of Quotas should be concluded by December 15, 2023. Any adjustment in quota shares would be expected to result in increase in the voting rights of emerging countries in line with their relative positions in the world economy. It would likely result in an increase in the share of emerging markets and developing countries as a whole, while protecting the voice and representation of the poorest members.